Guarantee Plan

For New Residential Buildings

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Buying a model home or condo

How long after its construction is a model home or a model co-ownership unit protected by the Guarantee Plan for New Residential Buildings? 

Model home

When you purchase a new model home and take possession within 24 months following the end of work, all of the coverage begins at the time of acceptance. Only exception: the 5-year coverage for faulty design, construction, or production of the work, or the unfavourable nature of the ground begins with the end of the work, and it will therefore be limited to the time remaining in the guarantee.

For example, if work was completed 1 year ago, there would be 4 years remaining of the original 5 years of coverage for faulty design, construction, or production of the work, or the unfavourable nature of the ground. All other coverage begins at the time of the acceptance of your home.

Model co-ownership unit (condo)

When you purchase a new model co-ownership condo within 24 months following the end of work on the common portions, all of the coverage begins at the time of acceptance of your private portion. Only exception: the 5-year coverage for faulty design, construction, or production of the work, or the unfavourable nature of the ground begins with the end of the work on the common portions, and it will therefore be limited to the time remaining in the guarantee.

For example, if work on the common portions has been completed for 1 year at the time you purchase your condo, there would be 4 years remaining of the original 5 years of coverage for faulty design, construction, or production of the work, or the unfavourable nature of the ground. All other coverage pertaining to the private portion begins upon your acceptance of your condo.

BE AWARE!

If you make an agreement with the contractor to buy a house or a condo in its state of completion at the time that the contract is signed (meaning that the building is incomplete), the guarantee for completion after acceptance of the building does not apply.

ARE YOU SELLING YOUR HOME?

The Guarantee Plan is transferable; the new owner therefore will be covered by the guarantee for the remaining coverage period.